Thursday, July 10, 2014

U.S. housing market in recovery...thanks to China?

It's not just institutional investors that have been propping up the U.S. housing market. Foreign buyers are also buying in. The National Association of Realtors is reporting that international buyers accounted for $92.2 billion of U.S. home sales during the 12 months ending in March 2014-- 35% higher than the same period a year earlier.
"This is actually good news ... and is helping the U.S. housing market recover although it's not helping it recover nationwide," says Rick Newman, senior columnist at Yahoo Finance. "This tends to be in coastal markets: Los Angeles, San Francisco, New York, to some extent Florida."
The NAR reports that four states -- Florida, California, Texas and Arizona -- accounted for 55% of foreign purchases of U.S. homes, with Florida alone grabbing a 23% share. Europeans are generally attracted to states with warmer climates such as Florida and Arizona while Asian buyers tend to favor the West Coast in part because they're attracted to states like California with large IT companies, the NAR reports.

1 comment:

Unknown said...

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